➕may 2023➕
➕Let’s delve into ‘the numbers’ for May. Recovery, limited supply and increasing competition remain the headlines for Toronto Real Estate. The demand for homes in Toronto continues to surpass the available supply, leading to intense competition among buyers. On average, homes are selling for just under $1.2 million.
According to the Toronto Regional Real Estate Board (TRREB) President Paul Baron, our city’s housing supply is falling behind the population growth, and this issue isn’t exclusive to Toronto—it’s a challenge throughout the Greater Golden Horseshoe region. If we don’t tackle this problem head-on, we risk hindering the economic development of our region, as people and businesses may start seeking opportunities elsewhere.
Why is this happening? Jason Mercer, Chief Market Analyst at TRREB, explains that rising borrowing costs have prompted homebuyers to reassess their housing needs and re-enter the market. Additionally, the combination of significant rent growth and a record influx of immigrants has contributed to the surge in home sales.
The Toronto housing market is currently experiencing an exciting yet challenging phase. In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property or if you have any real estate inquiries, feel free to reach out to us. We are here to assist you!
Looking to buy or sell a home in Toronto? Average prices in May were as follows:
➕Detached $1,913,132 [0% vs. 2022]
➕Semi-detached $1,398,821 [-2% vs. 2022]
➕Townhouse $1,068,487 [+2% vs. 2022]
➕Condo $784,914 [-1% vs. 2022]
Data presented is for City of Toronto Only. Source: TRREB.
